Hopeless buyer. What and where is less popular?

martindow

OP, you haven't answered the questions asked earleir in the thread regarding how the LL has given notice - S21?  Whether it is valid?

You are likely to have to move out eventually, but this could have a major impact on how much time you have to look for a house

SavingPennies_2

50k isn't top 1-10% of buyers, many will have a large deposit due to equity in a home they are selling, also doesn't make much difference to the seller, they just care what you are willing to pay and whether you can afford it.

Gavin83

w12ee3e said:

So I'm effectively homeless, currently. The place I was going to buy fell through and my landlord has given me notice as they're selling. I'm struggling to come to terms of my situation, I have a 360k mortgage, over 50k in saved deposit (this surely puts me in the 1-10% of buyers?) and there is little to nothing in the South Gloucestershire area (and yes I've increased my search upwards of 20 miles) every agent is telling me that property is so hot and demand is so intense. Where have these extra 100 million extra buyers appeared from?

Anywhere somewhat viable is just gone. Baaam. All I'm talking about is 2 bedrooms that's within a reasonable distance to some amenities and where I'm not going to be completely socially isolated a million miles from nowhere. Freehold (already been stung by a leasehold) if I see something that's gone up 50-60k over what it sold in 2019 that's also a red flag.

Despite the above I can't help but think I'd be lucky if I could even find a house share, but I'm struggling to come to terms with that as someone who's in a very fortunate position.

So rather than a rant, question I have is what is less popular, and where? How do I beat the crowds at least until the situation hopefully improves some day.

How long have you been searching for?

If someone has been searching for a long time and they can't find anything in some way they're being unrealistic. Ultimately they can't afford what they're looking at and they need to adjust their parameters. It's not uncommon that what people think a house is worth and what it's actually worth (or at least sells for) is different too. There are quite a few people who refuse to pay over asking price which in many areas at the moment makes it difficult to buy, unless you're looking at the properties no one wants. If it's a good area with a nice house in a nice street close to town then everyone wants to live there and the price reflects that. You mention considering it a red flag if a house price has increased substantially. Given how much house prices have gone up maybe that's holding you back.

What actually happens? I assume you've at least viewed some properties. Have you offered on any?

We bought last year as FTB. However we bought a fairly run down property that needed work, many people don't wish to do this. Maybe you could consider that as an option.

theoretica

Sounds like the issue isn't your budget, but in a large part speed - can you do anything to get faster off the mark and join the race?  Or look again at the homes which haven't sold rapidly.

ReadingTim

w12ee3e said:

... if I see something that's gone up 50-60k over what it sold in 2019 that's also a red flag.

Why is that a red flag?  Like it or not, prices have gone up in the last 2-3 years, and whilst you may personally baulk at you having to "give" someone a £50-60k "profit" for merely owning something for a relatively short period of time, the fact of the matter is that you're not going to be able to buy their property unless you do.  You can only buy what's currently on the market, and or around the price it's currently marketed at.  Unfortunately you're just going to have to suck it up if you want to move.   

TBagpuss

Whereabouts in South Gloucestershire? It's commuter belt for Bristol which will have an impact - you could look at places like Frome or Trowbridge which are further out but have decent amenities (and you get a bit more house for your money) or similar places in the others directions from your current / preferred location.

Other than having two bedrooms and being freehold, what are your other criteria? e.g. distance from a major town, size of the town/village / road / rail links.

As others have said, the fact that your landlord wants to sell doesn't mean that you have to leave when the notice expires, - if the you don't move out, eviction would take much longer although would mean additional costs. Is your landlord aware that you are looking to buy?  If they know that  you are actively house hunting they may be more willing to give you time to find somewhere .

I presume that you are not interested in buying the place you currently live in from your landlord? 

peterhjohnson

I monitor some markets in Gloucestershire (which, confusingly, does not include South Gloucestershire) and over the last month or two, I'm noticing much more property "sticking" on the market and even being reduced. EG: This 2 bedroom bungalow has been on the market for about a month for £210k https://www.onedome.com/property/sale/VE_31316677?utm_source=home.co.uk&utm_medium=affiliates

TripleH

Spend 10 minutes putting together a list of what you want from your next home split into essentials and desirable.

Search rightmove based on the essentials and filter through to identify desirable.

Don't fret about a budget of £350K buying a house for that if you find one for £270K that ticks enough boxes.

We ended up happily somewhere that was 75% of the price of the previous property we looked to buy and I think we are happier here than we would be there.

aoleks

try a clean council estate that's now in private hands and mainly inhabited by working families. they tend to be overlooked, but over really good value for money.

Ath_Wat

w12ee3e said:

GentleGiant01 said:

https://www.rightmove.co.uk/properties/117164582#/?channel=RES_NEW

I'm one person

Not sure what this means?